Required: 1. Calculate the dollar value of ending Inventory and cost of goods sold using: (Round your intermediate calculations and final answers to 2 decimal places) Ending Inventory FIFO S Moving weighted average S Sales Cost of goods sold Gross profit Cost of Goods Sold 10.626.00 $ 12.041 20 S 2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2 decimal places.) Moving Weighted Average 74 470 80 FIFO $ 75,836 00S 75,030.00 74.421 55 3 Il
Required: 1. Calculate the dollar value of ending Inventory and cost of goods sold using: (Round your intermediate calculations and final answers to 2 decimal places) Ending Inventory FIFO S Moving weighted average S Sales Cost of goods sold Gross profit Cost of Goods Sold 10.626.00 $ 12.041 20 S 2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2 decimal places.) Moving Weighted Average 74 470 80 FIFO $ 75,836 00S 75,030.00 74.421 55 3 Il
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Vai
Transcribed Image Text:Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2023
95 unt
Bun
Beginning inventory
Feb
Feb
Mar
Sept
Oct
10 purchased
20 sold
13 purchased
5 purchased
10 sold
FIFO
S
b Moving weighted average S
Sales
Cost of goods sold
Gross prot
305 units
220 units
5
S
FIFO
S
385 units
269 units
270 units @ $
525 units $
Gale Company employs a perpetual inventory system.
Required:
1. Calculate the dollar value of ending inventory and cost of goods sold using: (Round your intermediate calculations and final answers to 2 decimal places.)
S
S
Ending Inventory
10.625.00 $
12.041.25 S
75,836.00 $
155/
83/uni
53 unit
155/unt
2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2 decimal places)
Moving Weighted
Average
74 470 80
Cost of Goods
Sold
75,936.00
74.421.55
OC
3
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